Aquesta Bank and its subsidiaries (“Aquesta”) announced today positive earnings for the fourth quarter of 2010 (and twelve months ending December 31, 2010). For the fourth quarter of 2010, Aquesta achieved unaudited net income of $2,000 compared to $342,000 for the same period ending December 31, 2009. Net interest income for the fourth quarter of 2010 was $1.60 million compared to $1.65 million for the same period of 2009. Net income was $475,000 for the twelve months period ending December 31, 2010 as compared to net income of $751 thousand for the same period ending December 31, 2009.
Aquesta Bank’s total assets increased to $195.5 million at December 31, 2010 compared to $191.3 million at December 31, 2009 or a growth rate of 2.2 percent. Total loans were $126.4 million and total deposits were $150.7 million at December 31, 2010 compared to loans of $134.6 million and deposits of $ 153.7 million at the end of 2009.
Jim Engel, CEO and President of Aquesta, commented that “Our fourth quarter’s earnings were adversely affected by a significant loss on an isolated equipment loan. Consequently, despite the experience with that one problem loan, we continue to focus on our strategic direction of capturing market share, business banking and providing an outstanding customer relationship experience.”
Aquesta, Board of Directors and employees, would like to thank all of our deposit and loan customers who are helping us grow through referrals. Your support has been a major factor in Aquesta’s profitability and growth during 2010. We recently began construction on our newest branch located on Brawley School Road near The Farms and The Pointe subdivisions in Mooresville, NC. We anticipate the branch will be open in the second quarter of 2011.
Aquesta Bank is a commercial bank which serves the Lake Norman market with a focus on small to medium sized businesses and professionals. The Bank operates branches in Cornelius, Davidson and Mooresville. Aquesta Bank’s wholly owned independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Concord, Mooresville and Wilmington.
For additional information, please contact Kristin Parsons (Executive Vice President and Chief Financial Officer) or Jim Engel (Chief Executive Officer and President) at 704-439-4343 or visit us online at www.aquesta.com.
Information in this press release may contain forward looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.